Ohio University Credit Union logo
CATS online banking & bill pay
login
personal services

personal services

Individual Retirement Accounts (IRAs)

Are you saving enough for retirement? Most Americans say they're not.

At Ohio University Credit Union, you can save for your retirement in small steps with an IRA savings account or in larger increments with a share certificate. Either way, you'll be on your way toward a more comfortable future.

Online IRA Center

Visit our online IRA Retirement Central - learn more, try one of the great calculators and start your IRA paperwork!

Traditional and Roth IRA Passbook Savings Accounts

  • No minimum balance or monthly service charge
  • No minimum deposit to open
  • Deposits can be made at any time or you can make deposits automatically with payroll deduction
  • Competitive dividend rates

IRA Money Max Savings Account

What is it: A tiered IRA savings account
S types: S12 is the Traditional; S13 is the Roth
Minimum deposit: None
Maximum: None
Compounding: Monthly, interest is calculated on your daily balance

Easy Save IRA Certificate

Our Easy Save IRA Certificate is the answer if you're saving each month for your retirement. You can add to it automatically each month - through payroll deduction or automatic transfers.

Term: 12 months
Minimum deposit: None, automatic deposits are encouraged
Maximum deposit: $6,500 (or your current IRA qualifying contribution amount)
Rate: Rate is fixed for the 12-mo term, current rate 1.00% apy
Other: Only one per member, per tax year

Traditional vs. Roth

What is a Traditional IRA?

Traditional IRAs are available to anyone under age 70½ who has income from compensation. Contributions may be tax-deductible and income tax on the account's earnings is deferred until the funds are withdrawn. For guidelines on tax deductibility of your contributions, call an OUCU IRA Specialist at (740) 597- 2800. Consult your tax advisor regarding your specific tax situation.

Contributions

The contribution can be to a traditional IRA, Roth IRA, or split between the two. If you're a single taxpayer and you're covered by an employer-sponsored retirement plan, or you're a married taxpayer and either you or your spouse is covered by an employer plan, your eligibility depends on your modified adjusted gross income.

Withdrawals

You have more options to withdraw funds from traditional IRAs without the 10% tax penalty that applies to distributions before age 59½. Withdrawals for qualified higher education expenses are now penalty-free. Penalty-free withdrawals are also allowed for first-time homebuyers to buy or build a home, including settlement, financing, or other closing costs provided the homebuyers haven't owned a home during the past two years.

Penalty-free withdrawals continue to be available for IRA owners who reach age 59½, become disabled, or have qualifying medical expenses.

What is a Roth IRA ?

Contributions to a Roth IRA are made after taxes so there are no tax deductions for these contributions; however, your earnings can grow tax-free so your savings can multiply even faster!

Contributions

You can contribute to a Roth IRA if you have earned compensation and you meet the modified adjusted gross income (MAGI) limits.

Withdrawals

You can make tax-fee withdrawals from a Roth, as long as your funds have been in the account for at least five years and you are either over age 59½, disabled, buying your first home, or paying for qualified education expenses.

Converting a Traditional IRA to a Roth

You may be able to convert your existing Traditional IRA to a Roth IRA. Call an OUCU IRA specialist at (740) 597-2800 for details.

Confused over which IRA is best for you? OUCU IRA Specialists can clearly explain your IRA choices. We recommend you consult your tax advisor regarding your specific tax situation. Cory Corrigan, CPA and vice president, can also assist with your retirement planning. He can be reached at 597-2859 or ccorrigan@oucu.org.